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What Analysts Forecast for NOV ahead of 2Q17 Earnings

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Jul. 17 2017, Updated 9:06 a.m. ET

Wall Street’s forecasts for National Oilwell Varco

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Analysts’ rating for National Oilwell Varco

On July 11, 2017, approximately 20% of analysts tracking National Oilwell Varco rated it a “buy” or some equivalent. Approximately 71% rated the company a “hold,” and the rest have rated it a “sell” or an equivalent. NOV makes up 3.3% of the SPDR S&P Oil & Gas Equipment & Services ETF (XES). XES fell 21% in the past year versus a 2% fall in NOV’s stock price.

In comparison, approximately 47% of analysts tracking Baker Hughes, a GE Company (BHGE), rated it a “buy” or some equivalent. Approximately 53% rated the company a “hold.” Read about the Baker Hughes-GE (GE) transaction in Market Realist’s Can the BHI-GE Partnership Benefit from Global Growth?

Analysts’ rating changes for NOV

From April 11, 2017, to July 11, 2017, the percentage of analysts recommending a “buy” or some equivalent for NOV has risen from 17% to 20%. Analysts’ “hold” recommendations have fallen for NOV during this period. A year ago, ~16% of sell-side analysts recommended a “buy” for NOV.

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Analysts’ target prices for NOV 

Sell-side analysts’ mean target price for NOV on July 11 was $36.9. NOV is currently trading at ~$33, implying an ~11% upside at its current average price. A month ago, analysts’ mean target price for NOV was $38.

Target prices for NOV’s peers

The mean target price surveyed among sell-side analysts for Core Laboratories (CLB) is $121.3 on July 11. CLB is currently trading at ~$105, implying ~16% potential returns at its average target price. The mean target price surveyed among the sell-side analysts for TechnipFMC (FTI) is $35.4 on July 11. FTI is currently trading at ~$28, so the target implies a 26% upside.

Learn more about the OFS industry in Market Realist’s The Oilfield Equipment and Services Industry: A Primer.

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